The Daily Chain Primers: Bethereum Introduction
As far as blockchain technology has come to make modern life easier, various platforms are still struggling to integrate the technology with their operations. Well, that’s not the case with Bethereum.
Bethereum, a pioneering social betting platform built on blockchain tech, was developed to tackle the critical challenges of conventional betting. Starting with sports betting, the platform delivers a host of exclusive features and improvements to increase its network as well as establish Bether (BETHER) as the betting market standard token.
The platform combines gamification elements and aims to deliver the most intuitive, rewarding, and engaging experience in the market. For example, Bethereum integrated social chat, avatars, and leaderboard, and will add more gamification elements such as achievements, badges and alliances among others.
The platform is designed to be as intuitive and engaging as possible (much more than any other betting solution, blockchain or not), meaning it contains a user-friendly interface, minimum amount of clicks, short loading times, etc. The gaming platform even added a more advanced feature set such as live match tracker, eSports live match streaming, and many more to come.
These gamification features are creating a highly engaged and social experience which is directed at casual bettors and newcomers that seek a more social engagement.
Why Was Bethereum Developed?
Even in its fairest implementation, traditional betting remains a highly centralized endeavor, taking power away from the players and placing it in the hands of bookmakers and betting agencies.
Bethereum was fundamentally developed to bring the fun back into betting, building an innovative and transparent platform that brings together modern tech and superior social experience.
By doing so, the platform can essentially reach segments with untapped market potential, such as casual bettors who are overwhelmed by the complications and existing trust issues of conventional betting.
Bethereum harnesses the power of the blockchain for betting and combines it with unique gamification and social elements, creating a brand new blockchain-based platform designed to address the shortcomings of traditional betting.
Starting with sports, eSports and their first token based skill-game (BETHER-IO), players can bet against each other on match results and compete for a higher spot on the leaderboard instead of playing against odds designated by bookmakers. Whatever the outcome of the bet, the money stays within these groups instead of going into a bookie’s pocket.
Within the social gaming platform, transactions are secured by cryptography and governed by Smart Contracts on the Ethereum blockchain. All financial movements are recorded on the blockchain and remain transparent and accessible to each included party.
What are the Main Issues Bethereum Solves?
Once completed, Bethereum will offer much more than just unique betting. Users will be able to compete in special events, follow live streams from matches, chat with other players, win badges, and much more.
Here are six problems the platform will solve in regards to betting:
1. Unfair Betting Conditions
In conventional betting, the House always wins over time. The odds are immensely in favor of bookmakers, and players who regularly beat the odds are usually banned.
Even worse, betting entities operate under a shroud of secrecy, not letting clients know how odds are created or how much money is poured in. Some bookies even manipulate odds after a game starts.
In Bethereum, all bets have a winner, and the money stays with players. Moreover, players set the odds, and all transactions are visible on the blockchain.
2. Bet Limits and low Earnings
Due to payout-matching liability, bet operators often limit players on how much they can stake. Faced with low limits and unappealing odds, many bettors often seek higher returns in underground betting.
Bethereum places no limits on odds and returns and creates a High-Roller club for really colossal bets.
3. Lack of Social and Gaming Character
Bets have a strong social roots, but online betting is very impersonal. Players are forced to bet against faceless bookmakers instead of playing with friends and colleagues.
Bethereum is a social, community-driven platform, including powerful gamification elements that brings exactly what is missing in betting.
4. Complexity
Successful gamers often need to master a lot of information such as odds, spreads, handicaps, money-lines, etc. Furthermore, complex registration and interfaces compound the problem, which can be overwhelming to casual players.
Bethereum is designed for maximum simplicity and intuitiveness. Using the platform is a highly intuitive experience designed to appeal to those who enjoy betting regardless of their technological level.
5. Security Fears
The centralized nature of betting providers makes them vulnerable to external and internal attacks, putting players’ funds and financial info at risk.
Bethereum’s decentralized setup and Smart Contracts offer unmatched player protection, as each transaction is secured by cryptography.
6. High fees and Slow Payouts
With Bethereum, there is no need to wait for the money to get to you. Following bets, your winnings get instantly transferred to your wallet. No more credit cards, wire transfers, deposits, and other out-of-date payment systems. No more delays in receiving payouts.
Finally, most betting operators charge fees for everything (even for depositing money). Bethereum will only take a small fee from a player’s winnings to partially reinvest in the network, while players will only pay a small fee from winnings.
How the Bethereum Mobile Optimised Web Application Works
To take advantage of the social features of Bethereum, you can choose an avatar, share your bet on Twitter, chat with friends on a live-chat, and compete with players on the leaderboard. The platform also has a sophisticated system to give you a recap of all the bets that ended since the last time you visited the site
The BETHER token is an ERC223 utility token used to make all bets on the Bethereum platform. In the future, the token will also be found on other gambling platforms.
Bethereum developers created a token with solid network utility and a vast number of use cases. Demand for Bether will grow as the number of players increase and more businesses and operators join the ecosystem.
Bethereum Latest Developments
Social betting platform Bethereum has made strides over the past two years, and now supports a number of traditional sports and electronic sports.
The company passed an important milestone in October 2019, having over 1 million bets placed on the F2P platform. The company also pushed ahead with its 3rd F2P betting contest, allocating 12 million worth of BETHER token in prizes.
Recently, Bethereum won several major awards such as best cryptocurrency Gaming Platform Provider 2019 at CEEGC (2nd year in a row), Best Blockchain Startup of 2019 at CESA (European round, now qualified for Global Awards), Best Blockchain Solution of the Year (BEGE), and more.
Bethereum was also showcased during the CGC in Minsk 2019, one of the largest blockchain conference held on April, 2019. During the event the startup’s Chief Executive, Giacomo Tognoni, discussed how gamification and social elements could lead to better engagement and retention in betting platforms.
Giacomo also shared that all the necessary legal paperwork had been completed, and investors have okayed the go-ahead.
Since its inception in March 2017, the gaming platform has succeeded in creating an entirely new way of betting, which will be the betting platform of the future. They have held successful global betting events such as the 2018 World Cup betting game, that recorded over 117,000 bets. Two iterations followed, and in the previous F2P contest (March-May 2019), over 730K bets were placed in less than 10 weeks.
Significant part of this success can be attributed to feedback from iGaming community members and investors, that has helped Bethereum achieve better results despite limited resources.
Conclusion
Although there are already betting platforms that take advantage of the blockchain and smart contracts, none to date have the social and gamification elements, or adaptability of Bethereum.
Thanks to its planned availability on multiple platforms and social features, it is anticipated that this project will be successful and popular among gaming enthusiasts and casual bettors.
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*This article was written by The Daily Chain, a Media partner of Bethereum.
Source: The Daily Chain
